Three major Minnesota companies have made Fortune magazine's annual
list of the world's 50 most admired companies.
Target Corporation,
St. Jude Medical, and
3M all won a spot, although last year's 50th place entry, General Mills, did not make the list this year.
Fortune judged companies based on the opinions of 3,800 executives, directors, and analysts, who were asked to rank companies based on attributes such as quality of products and services, global competitiveness, financial soundness, and social responsibility.
The magazine noted that 3M, at number 21 on the list, is "in the history books as one of the world's most innovative companies." Fortune pointed out that 3M is an idea-generating machine, and aims to have 30 percent of its $30 billion annual revenue come from products introduced in the last five years.
Target, at number 22, is "known for selling cheap products that don't feel, well, cheap," the magazine noted, before praising the retailer's decision to debut a new collection of stores that promise modern luxury.
For the sixth year in a row, Apple was at the top of the list, with Google coming in second place.